NZD/USD rebounds above 0.7000, remains on track to post weekly losses


  • NZD/USD staged a decisive rebound in the American session.
  • US Dollar Index struggles to hold above 92.50.
  • NZD/USD remains on track to close the week in the negative territory.

The NZD/USD pair dropped below 0.6950 in the early American session but managed to make a sharp U-turn. As of writing, the pair was trading at 0.7003, where it was up 0.38% the day. On a weekly basis, NZD/USD remains on track to close in the negative territory despite Friday's rebound.

The renewed USD weakness seems to have fueled NZD/USD's rally in the second half of the day. The US Bureau of Labor Statistics reported on Friday that Nonfarm Payrolls increased by 850,000 in June. Although this reading beat the market expectation of 700,000 is failed to help the greenback gather strength.

Further details of the jobs report showed that the Labor Force Participation Rate stayed unchanged at 61.6% and the Unemployment Rate edged higher to 5.9% from 5.8% in May. Following an immediate spike to a multi-month high of 92.74, the US Dollar Index lost its traction and was last seen losing 0.1% at 92.44.

NZD/USD near-term outlook

Credit Suisse analysts think that NZD/USD could extend its slide with a move below the 0.6945/23 area. 

"The ‘measured objective’ to the in-range top still projects a move to 0.6913, which suggests this breakdown will be seen, opening up 0.6875/61 next, with the next initial support then seen at 0.6810/00," analysts added. “Near-term resistance moves to 0.7052/57, then 0.7096/20, which is the ‘neckline’ to the previously highlighted short-term top, which we look to hold if reached. Above here the next level is seen at 0.7161/74, above which would negate the top.”

Additional levels to watch for

NZD/USD

Overview
Today last price 0.7002
Today Daily Change 0.0026
Today Daily Change % 0.37
Today daily open 0.6976
 
Trends
Daily SMA20 0.7079
Daily SMA50 0.7166
Daily SMA100 0.716
Daily SMA200 0.7056
 
Levels
Previous Daily High 0.7011
Previous Daily Low 0.6961
Previous Weekly High 0.7096
Previous Weekly Low 0.6935
Previous Monthly High 0.7289
Previous Monthly Low 0.6923
Daily Fibonacci 38.2% 0.698
Daily Fibonacci 61.8% 0.6992
Daily Pivot Point S1 0.6954
Daily Pivot Point S2 0.6933
Daily Pivot Point S3 0.6904
Daily Pivot Point R1 0.7004
Daily Pivot Point R2 0.7033
Daily Pivot Point R3 0.7054

 

 

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